Leading Players in Indonesia EV Charging Equipment Market — Ken Research
1. Electric Vehicle Charging Equipment Market grew at a CAGR of 499% on the basis of revenue during 2017 to 2021
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The revenue of EV Charging Equipment market grew at a CAGR of 499% during 2017 to 2021. This tremendous growth is attributed to the rapid urbanization and Private vehicle ownership which has been steadily rising by more than 5% yearly.
The number of electric vehicle chargers for SPLKU built by PLN was estimated to be 198 in 2021 which grew at a CAGR of 355% during 2019 to 2021. The state-owned utility company PLN has signed memorandums of understanding with 20 companies to push EV adoption in Indonesia.
13 companies are set to provide support with the installing charging stations, six companies will help build the vehicles and one company aims to develop their own charger.
Construction of charging stations (Stasiun Pengisian Kendaraan Listrik Umum or SPKLU) and battery trade-in stations (Stasiun Penukaran Baterai Kendaraan Listrik Umum or SPBKLU) across Indonesia as of February 2021 was targeted. PLN has already completed 32 SPLKU and 22 pilot projects for SPBKLU in 33 cities of Indonesia.
2. Charging Stations in Indonesia can be distinguished as: General Electric Vehicle Charging Station (SPKLU) and General Electric Vehicle Battery Exchange Station (SPBKLU)
BPEV recharging is conducted through private electrical installations and/or public BPEV charging stations (Stasiun Pengisian Kendaraan Listrik Umum or “SPKLU”).
SPKLU will be located in petrol stations (SPBU and SPBG), central and regional government offices, malls, and roadside public parking lots.
SPKLU may also be located in other areas, so long as they meet certain criteria (such as being reachable by BEV owners and having dedicated parking spaces).
Public Electricity Battery Exchange Stations (Stasiun Penukaran Baterai Kendaraan Listrik Umum or “SPBKLU”), enable members of the public to rent batteries and exchange them when they run out.
Similar with charging facilities, exchange stations will be located within petrol stations (SPBU and SPBG), central and regional government offices, malls, and roadside public parking lots, or other locations meeting the relevant criteria.
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- Availability of Nickel, Tax Incentives, Low Electricity Cost are the main growth drivers for the Electric Vehicle Market in Indonesia
- Plenty of nickel reserves in Indonesia gives natural advantage for battery manufacturing, which is one of the most essential components of an EV. Indonesia produced about 760,000 tons of nickel in 2020, with a total nickel reserve of 21 million metric tons.
- Electric vehicle businesses with a capital of over USD 34.7 Mn will receive a 100% cut in corporate income tax, while investments worth USD 6.9–34.7 Mn will receive a 50% cut. The government is considering to provide a tax holiday to battery makers to increase the production of electric cars in Indonesia
- Indonesia provides cheapest electricity in the region. Compared to the price of petroleum at around USD 0.9/L, electricity in Indonesia only costs for USD 0.1/kwh.
- This can give future EV users great economic benefits, which could also be the main driver for EV to further develop in Indonesia.
- EV uptake in Indonesia could also be the result of Indonesian growing population and the rising of middle to affluent class, which means increasing purchasing power that leads to higher purchase of personal vehicle. The growing trend to live environmentally conscious in Indonesia will lead to a demand in EV and thereby EV charging equipment.
For more insights on the market intelligence, refer to the link below:-
Indonesia Electric Vehicle Charging Equipment Market
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